Minneapolis Bank Foreclosures Offer Buyers Options and Choices

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A city that has often been called City of Lakes and the Mill City, Minneapolis is the largest city in Minnesota State. Lying on both banks of the Mississippi River, the Minneapolis-St. Paul metropolitan area is also the 16th largest area in the United States. Despite a large population and a median household income of $41, 829, Minneapolis bank foreclosures have been on the rise and continue to be a cause of concern.

The real estate industry experts attribute this increase in Minneapolis foreclosures due to unscrupulous subprime loan practices. Home owners have fallen into this trap where there is no fixed prime mortgage rate and landed up in financial difficulties. Today, all Minnesota bank foreclosures and pre-foreclosures and HUDs and FHAs count up to 6,690 homes. Moreover, Minnesota foreclosure statistics reveal that in the first quarter (Jan-March 2007) a total of 2, 600 foreclosures were recorded. This figure is a staggering 35% rise from the previous quarter (Oct – December 2006) and a dramatic 130% rise compared to the same period in the previous year (2006).

Currently ranking 33rd on the national foreclosure listings, Minnesota’s bane has been the Minneapolis city. Ranked at #74 out of 100 cities having the highest foreclosure rates, Minneapolis bank foreclosures have been on the rise since 2006. Although, the Mill City is a hub for timber and also the primary business center among the 4 cities namely Illinois, Chicago, Seattle, and Washington, the alarming growth in bank foreclosures has sounded alarm bells through the corridors of the state government office. Perhaps that is why government officials are now trying to bring in regulations for lenders and thereby try to help the distressed mortgage owners.

A beautiful and green city, Minneapolis bank foreclosures could mean a brilliant opportunity for investors who are choosy about what they want to buy and invest in.